LOCAL FIRMS URGED TO UTILISE CLIMATE FUND FROM AECF

Businesses in Tanzania have been urged to apply for a third round of the renewable energy and adaptation to climate technologies window (REACT 3).

REACT is a funding window of the Africa Enterprise Challenge Fund (AECF). Announcing the competition in Dar es Salaam over the weekend, Director of the AEFC, Mr Hugh Scott, urged the private sector in Tanzania and the region to rise to the opportunity afforded by the REACT fund and to respond with innovative business ideas that will impact on the lives of rural people in East Africa.

REACT provides grants and interest free loans to businesses with innovative and transformative climate change solutions. "We need businesses with ideas that are profit driven, have the potential to go on scale and have a deep social impact throughout the region," Mr Scott said.

A total of USD 20 million which is equivalent to 32bn/- has been set aside for this particular competition. To date, REACT has already committed USD24 million to 32 companies across the EAC.
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